ETH/USD Soars Above $1600 Level

The Ethereum price prediction shows that ETH heads to the upside but the current level could determine where the coin will head next.

Ethereum Prediction Statistics Data:

• Ethereum price now – $1592.80
• Ethereum market cap – $194.4 billion
• Ethereum circulating supply – 122.3 million
• Ethereum total supply – 122.3 million
• Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $2000, $2200, $2400

Support levels: $1300, $1100, $900

At the time of writing, ETH/USD is likely to follow the negative side if the bears step back into the market heavily. The Ethereum price failed to create a new high above the resistance level of $1640 and if there is short-term selling pressure, Ethereum could most likely tackle it and make a comeback at the level mentioned above.

Ethereum Price Prediction: Can Ethereum (ETH) Head to the South?

According to the daily chart, the Ethereum price experiences a slight drop below the daily high of $1640 and any increasing selling pressure could bring the price to touch a new low at $1500. On the other hand, if the buyers manage to maintain the bullish momentum, a slight upward movement could take the Ethereum price above the channel to hit the resistance levels of $2000, $2200, and $2400 respectively.

Therefore, if the bulls failed to push the coin to the upside, it may experience a downswing below the moving averages as the Relative Strength Index (14) moves to cross below the 70-level, it is likely for the Ethereum price to locate the supports at $1300, $1100, and $900.

Against Bitcoin, the Ethereum price may head to the south and it may cross below the 9-day and 21-day moving averages if the bears put in more effort. The Relative Strength Index (14) is now seen moving away from the overbought region, suggesting a bearish movement.

From above, any bullish movement above the upper boundary of the channel can make the coin hit the resistance level of 9000 SAT and above but should in case the bulls fail to push the coin upward, sellers can bring it lower to the support level of 6800 SAT and below.

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